April 14. 1866. N. 1181
The Economist, 14. April 1866. S. 437/438.
Schließen
The State of the Money Market. Zusatz von Marx.
Schließen (Prophezeiungen)
Bemerkung von Marx.
Schließen Folgende köstliche Klugscheisserei à l’envers:
Many persons, especially those old enough to remember past times, and so
to form their standards by those times, have great difficulties in
comprehending the present times. A new element has been introduced which
they do not appreciate, and of which they do not follow the effect. Formerly great disasters occurred together. A fancied
cycle of 10 years has been laid down for their recurrence. But
now failures happen at comparatively distant intervals. After a period
of excited business like 1863 and part of 1864 many failures are
inevitable. The number of mistakes is so great as to
ensure an equal number of ruins, and these are now happening from day to
day. First the
Joint Stock Discount Co., then
another Co., then a private firm … But the misfortunes of these people
now hurt no one but themselves. The Bank of England now manage well and
they used to manage ill. The directors used to let the reserve run low,
and at every period of consecutive failures there was then the
probability of a panic. Now the B.o.E. manage well, keep their till full, and the failure
of 50 discount cos., and the depreciation of all manner of shares,
produces no real effect on the world at large. We are now carrying on
the trade of the country with a sufficient balance at our bankers; we
used to carry it on with an insufficient balance. … Zusammenfassender Kommentar von
Marx.
Schließen Der wiseacre prophezeit, daß money auf 5% fallen
wird. |44 Our Credit is on the whole excellent.
As to bullion: The peculiar cause which has affected our cash balance of late years was the necessity of paying in bullion for cotton.
1864 | 1865 | 1866 | |
---|---|---|---|
cwts | cwts | cwts | |
From U. States | 721 | 5,719 | 570,735 |
Bahamas und Bermuda | 41,955 | 69,094 | 2,551 |
Mexico | 9,411 | 49,645 | 1,391 |
Brazil | 41,869 | 69,981 | 93,728 |
Turkey | 18,540 | 23,345 | 13,616 |
Ejypt | 159,591 | 322,663 | 148,268 |
Brit. India | 233,645 | 186,104 | 305,907 |
China | 28,988 | 45,652 | … |
Other countries | 10,010 | 39,398 | 17,926 |
Total | 544,754 | 811,601 | 1,154,122. |
Aber die increase owing to the new imports von den Un. St., für welche in commodities und nicht in bullion gezahlt wird. Taking the difference of price into account, the Oriental demand is less than last year for past imports, and while cotton falls as now, no speculative outlay is likely.
The imports of corn much heavier this year than last, nämlich:
1864 | 1865 | 1866 | |||
---|---|---|---|---|---|
cwts. | cwts. | cwts. | |||
Wheat | from Russia | 532,722 | 588,089 | 2,310,657 | |
Prussia | 850,482 | 133,239 | 148,483 | ||
Denmark | 161,248 | 59,448 | 28,803 | ||
Schleswig, Holstein u. Lauenburg | 73,112 | 20,819 | 22,437 | ||
Mecklenburg | 107,094 | 24,828 | 4,550 | ||
Hanse Towns | 105,065 | 74,905 | 16,414 | ||
France | 281,628 | 71,571 | 745,439 | ||
Turkey, Moldavia, Wallachia | 128,868 | 37,923 | 143.140 | ||
Ejypt | 206,003 | … | … | ||
United States | 1,167,253 | 118,790 | 259,797 | ||
Brit. Nort America | 10,838 | 2,294 | 8,727 | ||
Other countries | 68,996 | 58,558 | 490,230 | ||
Total: | 3,693,309 | 1,130,464 | 4,178,686 | ||
Barley | 1,009,036 | 1,097,846 | 905,285 | ||
Oats | 490,297 | 547,555 | 617,719 | ||
Peas | 141,759 | 29,621 | 97,384 | ||
Beans | 241,525 | 85,992 | 37,767 | ||
Indian corn or maize | 285,372 | 780,078 | 2,439,627 | ||
Wheatmeal and flour | from France | 625,424 | 344,781 | 1,048,539 | |
from Hansetowns | 68,877 | 29,255 | 26,624 | ||
from United States | 350,727 | 48,303 | 120,997 | ||
Brit. North America | 3,779 | 8,024 | 4,343 | ||
Other countries | 9,818 | 7,438 | 55,116 | ||
Total | 1,058,625 | 437,801 | 1,255,619 | | |
The Economist, 14. April 1866. S. 439–441.
Schließen
The American Paper Money.
An irredeemable currency is a local currency. It only affects trade within the state, has no effect on trade between that state and other states.
F.i. An English merchant ships goods to New York, sells them for greenbacks, cannot use them in and have them remitted to England. He must buy one of 3 things with them, other goods or gold, or a bill of exchange. When he buys either of these he suffers by the depreciation of the currency as much as he gained before. [»]At first, the depreciation of the currency acts upon some commodities and not on others; those articles desired by the first possessors of the new currency are the first to rise, and then those desired by the second possessors, – those who have sold their goods to the first, and so on through society. But there is no general rule that imported products should feel the influence of new money first; it all depends upon what the first purchasers want to buy: those articles rise first, the rest rise afterwards.«
The Economist, 14. April 1866. S. 444/445.
Schließen
Isaac Pereire’s Evidence before the Banque
Enquête.
Is. Pereire. Whilst the B.o.E. escaped from the consequences of the crisis of 1847, owing to the power of extending its issues, it was by the sale of its rentes to Russia, that is to say, by the realisation in coin of the immobilised portion of its capital, that the Bank o. France attained the same object. The year following, in 1848, the capital of the B. o. France being again placed in rente, it was obliged to solicit from the Gvt. the suspension of the cash payments for its notes. … the B. o. Engld. only needs the power of issuing more notes, the B. o. France is in need of more money.
There is no mutual dependence between the 2 establishments. The B. o. France might easily maintain its discount when the B. o. Engl. raises it rate. The proof is that now (26 Dec. 1865) there is a difference of 2% between the 2 banks. The discount is at 4 in France, and 6 in England, and yet gold from that country is constantly flowing in here, which indicates sufficiently that the B.o.F. has nothing to fear from the B. o. Engl. If the difference were to attain 3 or even 4%; the same would be the case, if the exchanges were in favour of France. That fact, besides, is not new, for in 1847 a difference of 3% long existed in the discount of the 2 countries.
When the Bk.o.E. raises its discount, a certain superfluity of bills of exchange payable at London comes naturally to Paris to find an easier and more advantageous market. The B. o. France, in such a case, instead of following the B.o.E. in its usurious policy – to take itself part of these bills of exchange, and so aid our neighbours. This indirect assistance, which would give it the opportunity of very usefully employing parts of its funds, would promptly put an end to the ephemeral crises which arise each year; it would enable the B.o.F., if necessary, to exercise a salutary action on exchanges, or … by the negotiation of those same bills when the price of paper on London should have a tendency to rise, in a proportion disquieting to its till. The Bank o. F. could besides if necessary employ those bills on London to purchase gold in England.
The Economist, 14. April 1866. S. 447.
Schließen
Cotton during the civil war.
Kommentar von Marx.
Schließen (Der Kerl übersieht, rechnet nicht ein, die
Schwarzerde etc)
Von Marx
verwendet in Manuskript II zum zweiten Buch des „Kapital“
(MEGA² II/11. S.
68.19–24).
Schließen
The
(British) export of yarn and
manufactured goods in 1862, 1863, 1864, more than
equalled all the supplies of cotton during those
years;
the former amounting in weight to 1,208,920,000 lbs; and the
latter, after deducting the raw cotton re-exported, and reducing
the remainder to its equivalent weight in yarn, being only
1,187,369,000 lbs. Folgt daher:
1) Von Marx verwendet im Brief an Engels vom
9. Dezember 1868. Siehe auch die Briefe von Marx an Engels vom
12. und 14. Dezember 1868.
Schließen on 1. Jan. 1862 in
the U. Kingd. stock of raw cotton and cotton manufacturers more
than sufficient to supply the home
consumption for 3 years; and that the Von Marx
übernommen in Manuskript II zum zweiten Buch des „Kapital“
(MEGA² II/11. S. 68.26–27).
Schließen people here have been provided during this
period with clothing, whose material previously here
accumulated.
2) The enhancement of prices, which, within the period named, amounted to 100%, was not really paid by the people of this country, taken collectively; viz[.], so far as the stocks on Jan. 1 1862, belonged to natives or residents in this country. … The advance (vor dem 100% Aufschlag) of cotton prices already materially before the end of 1861, and attained their highest range in the summer of 1864; from which there was a decline of 25% before the end of the year. But the prices of yarns and manufactures had risen but little before January 1862. In 1865 a lower range of prices on the whole prevailed, and the supplies were more than sufficient to cover the export: being |46 equivalent to 580,714,000 lbs of yarn against 478,240,000 exported, the difference, however, furnishing only 2/3 of the estimated home consumption.
Zusatz von Marx.
Schließen (All dieß stüzt sich
auf report of Messrs. Ellison and
Haywood, published in der annual review
des
Economist 10 March 1866) This relates
solely to the prices paid for cotton and cotton goods in this country,
which do not seem to have occasioned a direct national loss during the period of the great rise of prices.
The effects of the diminished supply of cotton in the enforced reduction
of consumption, the curtailment of wages, loss of interest on capital
invested etc, certainly constitute a very serious national loss.
1862 | 1863 | 1864 | ||
---|---|---|---|---|
Cotton imported | 533,176 | 691,847 | 896,770 | thousands of lbs |
Do. exported | 216,963 | 260,934 | 247,194 | |
Available to Consumption | 316,213 | 430,913 | 649,576 | |
Waste in spinning | 53,756 | 64,637 | 90,940 | |
Equal to production in yarn of | 262,457 | 366,276 | 558,636 | Total 1,187,369 |
Export of yarn | 88,554 | 70,678 | 71,951 | |
Do. in piecegoods etc | 324,128 | 321,561 | 332,048 | |
412,682 | 392,239 | 403,399 | 1,208,920 |
2 March 1867. N. 1227.
The Economist, 2. März 1867. S. 231/232.
Schließen
Mr. Leeman’s Bill for Regulating the Sale of
Bankshares.
To prevent the „bear“ operations on the stock exchange in Bank shares. At the time, when credit was much disturbed, speculators sold, for future delivery, shares in banks on a large scale, which they did not possess – they then propagated bad rumours as to these banks – thus depressed the prices of the shares – they then gained the difference between the comparatively high price at which they sold the shares when the bank credit was good, and the comparatively low price at which they bought, when partly by their own machinations the bankcredit had become bad. Often great profits in this way gained last year. On the shares which, like those of the Agra and Masterman’s bank, went forth at a high premium, and then, by the failure of the bank, fell to be worth less than nothing, the differences were often very large. The dealers in bank shares gained by the destruction of the whole bank, and intended so to gain. Leeman’s bill checks this practice by providing; providing that no man shall sell bank shares which he has not got, and requiring, as a guarantee of his having them, that he shall state their „numbers“ in the register when he sells. Nobody could then sell bank shares which he hoped to buy in the market, because he would never know that he could get hold of the particular shares his sale note mentioned … The price of bankshares is, now that the blot is hit and the danger known, more depressed by its being known that this kind of property is subject to annihilation by well planned machinations than it would be depressed by the exclusion of bankshares from the speculative market.
The Economist, 2. März 1867. S. 233/234.
Schließen
Board of Trade Returns.
1864 | 1865 | 1866 | |
---|---|---|---|
Exports: | 160,449,053£. | 165,835,725 | 188,827,785. |
Exports in December only: | 12,095,437£. | 15,030,088 | 14,914,363. |
Computed value of the principal Articles Imported for 11 months: 1864: £197,448,426. 1865: 180,820,357. 1866: £211,539,785
1864 | 1865 | 1866 | |
---|---|---|---|
In November only the imports were | £.16,164,570 | 19,190,403. | 17,841,738.| |
Inhalt:
- 17 February 1866.
N. 1173. (Fortsetzung)
-
24 February 1866. N. 1174.
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March 3. 1866. N. 1175.
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10th March, 1866. N. 1176.
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March 17, 1866. N. 1177.
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24. March 1866. N. 1178.
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31 March 1866. N. 1179.
-
April 7. 1866. N. 1180.
-
April 14. 1866. N. 1181
-
April 21. 1866. N. 1182.
- April 28, 1866. N. 1183.
-
5 May. 1866. N. 1189.
-
12 May. 1866. N. 1185.
-
May 19, 1866. N. 1186.
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26 May 1866. N. 1187.
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June 2. 1866. N. 1188.
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June 9. 1866. N. 1189.
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June 16. 1866. N. 1190.
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23 June. 1866. N. 1191.
- June 30. 1866. N. 1192.
-
Saturday, 7 July 1866. N. 1193.
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July 14, 1866. N. 1194.
-
July 21. 1866. N. 1195.
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July 28, 1866. N. 1196.
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4 August 1866. N. 1197.
- August 11. 1866. N. 1198.
-
August 18, 1866. N. 1199.
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August 25, 1866. N. 1200.
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Saturday September 1, 1866.
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8 September 1866. N. 1202.
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September 15. 1866. N. 1203.
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September 22, 1866. N. 1204.
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September 29. 1866. N. 1205.
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October 6 1866. N. 1206.
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October 13. 1866. N. 1207.
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Saturday. October 20. 1866. N. 1208.
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October 27. 1866.
-
November 3. 1866. N. 1210.
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November 10. 1866. N. 1211.
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November 17. 1866. N. 1212.
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24 November 1866. N. 1213
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1. December 1866. N. 1214.
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December 8. 1866. N. 1215.
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15 December. 1866. N. 1216.
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22 December. 1866. N. 1217.
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29 December 1866. N. 1218.
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January 5, 1867. N. 1219.
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January 12, 1867. N. 1220.
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19 January, 1867. N. 1221.
- January 26, 1867. N. 1222.
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2 February 1867. N. 1223.
- 9 February, 1867. N. 1224.
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16 February. 1867. N. 1225.
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23 February 1867. N. 1226.
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2 March 1867. N. 1227.
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9 March, 1867. N. 1228.
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16 March 1867. N. 1229.
- March 23, 1867. N. 1230.
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March 30. 1867. N. 1231.
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April 6. 1867. N. 1232.
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13 April. 1867. N. 1233.
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20 April. 1867. N. 1234.
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27 April. 1867. N. 1235.
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May 4, 1867. N. 1236.
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March
May
11; 1867. N. 1237.
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May 18. 1867. N. 1238.
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25 May, 1867. N. 1239.
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June 1. 1867. N. 1240.
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June 8. 1867. N. 1241.
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June 15. 1867. N. 1242.
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22 June 1867. N. 1243.
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June 29. 1867. N. 1244.
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July 6. 1867. N. 1245.
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July 13, 1867. N. 1246
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20 July 1867. N. 1247.
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July 27. 1867. N. 1248.
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3 August 1867. N. 1249.
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10 August, 1867. N. 1250.
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17 August, 1867. N. 1251.
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August 24, 1867. N. 1252.
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31 August. 1867 N. 1253.
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September 14, 1867. N. 1255.
- 21 Sept. 1867. N. 1256.
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September 28, 1867. N. 1257.
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October 5, 1867. N. 1258.
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October 12, 1867. N. 1259.
- October 19, 1867. N. 1260.
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October 26, 1867. N. 1261.
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November 2. 1867. N. 1262.
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9 November 1867. N. 1263.
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November 16, 1867. N. 1264.
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Nov. 23. 1867. N. 1265.
- 30 November, 1867. N. 1266.
- 7 December 1867. N. 1267.
-
December 21, 1867. N. 1269.
- December 28, 1867. N. 1270.
- Saturday. May 19. 1866. N. 311. Panic.
Bank o. E.
- Money Market. (Reserve of B.o.E.)
- The Recent Panic and Bank Act Suspension.
- The Panic and its Remedy.
- What to do with the Act of 1844?
- The Times and the
Panic.
- Investors Losses from „Bear“ Frights.
- The Stock Markets of the Week.
- The Limited Liability Act of 1862.
- Railways. (don’t pay)
- The Reports of the Asiatic Banking Co., and the Bank of Hindostan, China
and Japan (Limited.)
- The Economy of B.o.E. Notes. 1000£ Notes.
- Money Market. (Reserve of B.o.E.)
- May 26, 1866. N. 312.
- The Bank of England and the London Bankers in the
Panic.
-
Lord Clarendon on
the Panic.
- Transfer of Business of the Bank of London to the Consolidated Bk.
- Loss in Investments since beginning of 1866 – May
26.
- The Stock Markets of the Week.
- What is a Five-Twenty Bond? (Neue Art Convertibility for paper
currency)
- The Annual Circular of the American
Commercial Agency. (Vehmgericht)
- Act of 1844 and Bank of England.
- A Pluralist Director.
- The Directors of failed
Cos.
- The Bank of England and the London Bankers in the
Panic.
- June 2, 1866. N. 313.
- John
C.
G.
Hubbard, M.P. On the Bank Act and the
Currency. (Letter to the Times on 14 May.)
- The Theory of Panic etc.
- Board of Trade Returns.
- The Consolidated Bank
(limited)
- American Exchanges and Grain Trade.
- Pressure and securities.
- Variations between Prospectus and Articles. The
Russian Iron Works Co. (lim.)
- America. U. St. (Trade)
- Bearing.
- John
C.
G.
Hubbard, M.P. On the Bank Act and the
Currency. (Letter to the Times on 14 May.)
- July 21, 1866. N. 320.
- 28 July 1866. N. 321.
- August 4. 1866. N. 322.
- 11 August, 1866. N. 323.
- August 18. 1868. N. 324.
- 25 August, 1866. N. 325.
- 1 Sept. 1866. N. 326.
- 8 September 1866. N. 327.
- Sept. 15, 1866. N. 328.
- 22 September, 1866 N. 329.
- 29 September 1866. N. 330.
- October 6, 1866. N. 331.
- 13 October. 1866. N. 332.
- 20 October, 1866. N. 333.
- 27 October 1866. N. 334.
- 10 November. 1866. N. 336.
- 17 November 1866. N. 337.
- 24 November, 1866.
N. 338.
- December 1. 1866. N. 339.
- 8 December 1866.
N. 340.
- December 15, 1866. N. 341.
- 22 December, 1866. N. 342.
- 29 December 1866. N. 343.
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5 January, 1867. N. 344.
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12 January 1867. N. 345.
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Proposed Expansive Clause in the Bank Act of
1844.
-
Evidence of John Henry Gurney
and Mr. Robert
Birnbeck
Birkbeck
before Vice-Chancellor Malins.
-
Cotton Market. Past and Present.
-
Thomson
Hankey: (formerly Governor of B.o.E.) „The Principles of Banking, its Utility
and Economy; with Remarks on
the
the Working and Management of the Bank of
England“. Lond.
1867.
-
Proposed Expansive Clause in the Bank Act of
1844.
-
19 January, 1867. N. 346.
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26 Jan. 1867. N. 347.
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February 2, 1867. N. 348.
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9 February, 1867. N. 349.
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16 February
1866
1867
. N. 350.
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23 February 1867. N. 351.
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2 March 1867. N. 352.
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The Joint Stock Co’s Directory for 1867. London.
Charles Barker et Sons. 8, Birchin-lane.
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Overends. Report of Liquidators and Report of Defence
Committee.
-
Leeman’s Bill respecting
Dealings in Bank Shares.
-
Limited Liability. High Nominal Shares.
-
London, Chatham and Dover
Railway Co.
(faux frais)
-
Plethora of money.
-
1915
on Overends.
(David Barclay
Chapman)
-
London, Chatham et
Dover
(Zusammensetzung des
Investigation Committee) (Solicitors)
(Scapegoats)
-
The Joint Stock Co’s Directory for 1867. London.
Charles Barker et Sons. 8, Birchin-lane.
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9 March, 1867. N. 353.
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March 16, 1867. N. 354.
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23 March. 1867. N. 355.
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30 March 1867. N. 356.
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April 6. 1867. N. 357.
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13 April 1867. N. 358.
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April 20, 1867. N. 359.
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April 27, 1867. N. 360.
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May 4, 1867. N. 361.
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11 May 1867. N. 362.
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25 May. 1867. N. 364.
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June 8, 1867. N. 366.
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15 June. 1867. N. 367.
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22 June 1867. N. 368.
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29 June. 1867. N. 369.
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July 6. 1867. N. 370.
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July 13. 1867. N. 371.
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July 20, 1867. N. 372.
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July 27. 1867. N. 373.
August 3. 1867. N. 374.
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August 10. 1867. N. 375.
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August 17, 1867. N. 376.
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August 31, 1867. N. 378.
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14 September. 1867. N. 380.
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21 September, 1867. N. 381.
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28 September, 1867. N. 382.
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Gold mines of Victoria. (Kitto: „The
Goldminers of Victoria.“ Lond. ’67)
Expropriation of Individual
Labour. (Property)
-
Public Debt of Russia. Consul
Michell’s
Report.
- Robert Knight: Letter to the
Right.
Right
Honourable Sir Stafford Northcote on
the Present Condition of Bombay. Lond.
1867.
-
Limited Liability Cos formed since
1865.
-
Gold mines of Victoria. (Kitto: „The
Goldminers of Victoria.“ Lond. ’67)
Expropriation of Individual
Labour. (Property)
-
5 October. 1867. N. 383.
-
Money Market Review. 12 Oct. 1867.
- 19 October 1867. N. 385.
-
October
27
26
, 1867. N. 386
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9 November, 1867. N. 388
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16 November 1867. N. 389.
- 23 November 1867. N. 390
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7 December 1867. N. 392.
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21 Dec. 1867. N. 394.
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28 December 1867. N. 395.